Entrepreneurship Accounting
Test Preparation
Course Introduction
Entrepreneurship Accounting is a course designed to equip aspiring entrepreneurs with essential accounting principles and practices necessary for launching and managing new ventures. The course covers the fundamentals of financial and managerial accounting, including the preparation and interpretation of financial statements, budgeting, cost analysis, cash flow management, and break-even analysis. Emphasizing the unique challenges faced by start-ups and small businesses, students will learn to use accounting information for effective decision-making and strategic planning. By integrating real-world case studies and entrepreneurial scenarios, the course enables learners to develop practical skills for tracking business performance, securing funding, and ensuring long-term financial sustainability in a dynamic business environment.
Recommended Textbook
Computer Accounting with QuickBooks Online 1st Edition by Donna Kay
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10 Chapters
200 Verified Questions
200 Flashcards
Source URL: https://quizplus.com/study-set/3295
Page 2
Chapter 1: Quickbooks Online Navigation and Settings
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65379
Sample Questions
Q1) Why is understanding what type of legal entity a business uses important when initially setting up an accounting system?
A)Legal entity dictates what types of reports a business must use to make informed beneficial internal decisions; therefore,the accounting systems is set up to support the need to make the most beneficial internal decisions.
B)Legal entity has very little impact on what tax form a business uses,therefore,it is really not of great importance when setting up an accounting system.
C)A company's type of legal entity impacts the equity accounts and the tax form a business files.The tax form a business files greatly impacts the type of financial information an accounting system must track.
D)A company's type of legal entity is relatively fluid and changes often.An accounting system must be able to respond to these changes from year to year.
Answer: C
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3
Chapter 2: QBO Chart of Accounts
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65378
Sample Questions
Q1) All of the following are true regarding QBO except:
A)A company's Chart of Accounts can be customized in QBO to track information needed to complete the tax return.
B)A QBO goal is to see that the Chart of Accounts feeds into the tax return lines.
C)QBO focuses most on providing detailed reports for its users and is not overly concerned about tax return preparation.
D)It is important to know which tax form a company uses to best tailor the Chart of Accounts to feed into the tax return.
Answer: C
Q2) Which is not true regarding deleting accounts in the QBO COA?
A)Only accounts not being used can be deleted.
B)If an account has not been used in 1 year or longer,even if it has a balance,it can be deleted.
C)If an account has been used to record a transaction and has a balance,it can't be deleted.
D)If an account has Sub-accounts associated with it,it can't be deleted.
Answer: B
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Page 4
Chapter 3: QBO Transactions
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65377
Sample Questions
Q1) Revenues are:
A)Increased with debits and decreased with credits.
B)Increased and decreased with credits.
C)Increased and decreased with debits.
D)Increased with credits and decreased with debits.
Answer: D
Q2) Equity accounts are:
A)Increased with debits and decreased with credits.
B)Increased and decreased with credits.
C)Increased with credits and decreased with debits.
D)Increased and decreased with debits.
Answer: C
Q3) Which one of the following statements best describes a transaction?
A)Transactions are exchanges between a business and other parties.
B)Transactions are only completed at the end of the month and relate to adjusting accounts.
C)Transactions are only completed annually and close out temporary accounts.
D)Transactions are based on cash being received and paid.
Answer: A
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Page 5
Chapter 4: Banking
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65376
Sample Questions
Q1) What is the process to add a new transaction from the Check Register window?
A)Select the drop-down arrow by Balance in the Check Register window,then select the type of transaction to enter i.e.deposit,refund,expense,etc.
B)Select the drop-down arrow by Add Check in the Check Register window,then select the payee account,and save.
C)Select the drop-down arrow by Add Check in the Check Register window,then select the new type of transaction to enter i.e.deposit,refund,expense,etc.
D)Select the drop-down arrow by Payment in the Check Register window,then select the new type of transaction to enter i.e.deposit,refund,expense,etc.
Q2) Businesses might want to have multiple checking accounts to provide various functions.What type checking account would a business NOT want to have?
A)Salaried Payroll
B)Operations related
C)Owner's personal expenses
D)Hourly Payroll
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6
Chapter 5: Customers and Sales
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65375
Sample Questions
Q1) Updating the Customers List While entering transactions is accomplished by:
A)Select the Gear icon and then choose a customer drop-down arrow > + Add new and entering the new customer information.
B)Using the screen where we enter the transaction by choosing a customer drop-down arrow > + Add new and enter the new customer information.
C)Select the Create (+)and then choose a customer drop-down arrow > + Add new and enter the new customer information.
D)Select the Gear icon and then the Create (+)will allow the user to choose a customer drop-down arrow > + Add new and enter the new customer information.
Q2) All of the following are true regarding QBO Customers List except:
A)It allows the user to collect information about the customer and reuse the information without re-entering.
B)It is a time-saving feature.
C)It contains past sales transactions and allows us to estimate future intended sales.
D)It collects information about a customer such as: name,address and contact information.
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Chapter 6: Vendors and Expenses
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65374
Sample Questions
Q1) What is a mechanism used by a company to track amounts it owes vendors?
A)Accounts Payable Aging Report.
B)Accounts Receivable Aging Report.
C)Accounts Payable Reconciliation Report.
D)Cash to Payables Reconciliation.
Q2) In QBO,what is the difference between a Bill form and an Expense form?
A)A Bill form records a services the company has received and has an obligation to pay the vendor later.An Expense form selects the bills a company wants to pay.
B)A Bill form records when the vendor gives the company a refund or reduction in its bill.An Expense tracks the products ordered from the vendor.
C)A Bill form records expenses paid for at the time the product or service is received via paying cash,check or credit card.An Expense form records services the company has received and has an obligation to pay the vendor later.
D)A Bill form records a service the company has received and has an obligation to pay the vendor later.An Expense form records expenses paid for at the time the product or service is received via paying cash,check or credit card.
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8
Chapter 7: Inventory
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65373
Sample Questions
Q1) What is not TRUE regarding the QBO Products and Services List?
A)It is used for products and services sold to customers that were not purchased from vendors.
B)It is used for products that are both purchased and sold.
C)A company only has to enter one set of product information used for both purchasing and sales.
D)It collects information about products purchased from vendors and sold to customers.
Q2) What is NOT true regarding an invoice in QBO?
A)Invoices are only used to recognize sales to customers for products versus services.
B)An invoice is used to record sales when the customer will pay later.
C)An invoice contains detailed information about the products and services to a customer.
D)To create an invoice,use the Create (+)icon and select Invoice.Then select Customer and select vendor or Add New Customer.
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9
Chapter 8: Employees and Payroll
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65372
Sample Questions
Q1) Which of the following describes the QBO Mobile Payroll app?
A)It offers employers the convenience of running payroll from their device (Apple or Android)and is synced with QBO.
B)It is a reference tool for employers to answer complicated employee payroll tax questions from their device.
C)It allows employees the opportunity to review their payroll and contest any issues from their mobile device.
D)It provides the opportunity for employees to receive their tax forms on their device to automatically upload to the IRS.
Q2) What is true regarding FUTA?
A)It is a payroll tax owed by the business and reported annually on a tax form 940.
B)It is a payroll tax owed by the business and reported quarterly on form 941 and annually on tax form 944.
C)It is a payroll tax owed by the business and reported quarterly on form 940.
D)It is a payroll tax shared by the employer and employee and reported quarterly on form 941 and annually on tax form 944.
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Chapter 9: QBO Adjustments
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65371
Sample Questions
Q1) What is the accounting cycle?
A)It is a series of accounting activities a business performs each accounting period.
B)It consists of a period of steps beginning with preparing the financial statements.
C)It is closing out revenue and expense accounts to begin a new accounting year.
D)It is preparing adjustments to ensure revenue and expenses are correctly recorded.
Q2) Which selection below is FALSE regarding Adjustments?
A)Adjustments bring accounts up to date and show the correct account balances on financial reports.
B)Adjusting entries are dated the first day of the accounting period.
C)Adjustments are typically made at the end of the accounting period to up date accounts before year-end reports are prepared.
D)Adjustments are also called Adjusting Entries since we enter Adjustments by making entries into a Journal.
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Chapter 10: QBO Reports
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65370
Sample Questions
Q1) What are the three main financial statements?
A)Profit and Loss,Balance Sheet and Statement of Cash Flows
B)Budget to Actual,Balance Sheet and Statement of Cash Flows
C)Profit and Loss,Trial Balance and Statement of Cash Flows
D)Profit and Loss,Balance Sheet and Adjusted Trial Balance
Q2) In QBO,select the option that is NOT true regarding navigating QBO reports?
A)The dashboard can be customized by selecting Edit or drop-down arrows while viewing the financial dashboard.
B)A user can review reports that QBO recommends by selecting the Recommended tab in Reports.
C)To streamline finding reports a user can review the reports they run frequently by selecting the Frequently Run tab in Reports.
D)The All Reports tab in Reports is simply a list of all reports a company has available to them listed in alphabetical order.
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